New to the community

Hi NetworkFreelancer 

First of all, welcome to the Community!

If you are exploring the BigIP F5 products and you are having questions/queries to be asked then, YOU ARE AT RIGHT PLACE..

Here are my inputs to your questions -

What are the differences?

-The key difference is the order of execution. LTM policy takes precedence over iRule in the execution sequence.
-With LTM policy, it will have less overhead for traffic processing when compare to iRule handling the same execution.
-iRule is still relevant as it will be used for some specific requirement/s which are not flexible with LTM policies.

What will be uses cases of both?

-LTM policies comes with different use cases like, redirects, forward, matching some specific condition based on GEO IP, etc.
-iRule can be created to perform similar executions which are done by LTM policies. But apart from this, iRule becomes more relevant when we have some complex use cases/needs. 

Any advantages of one on other?

Each one has its own advantages.

LTM Policy -
-Less performance overhead while processing the traffic
-Take priority over iRule
-Easy to configure and manage

iRules - 
-Useful for more complex and custom requirements.
-Comes with more flexible options.

You can also refer this article for more information.

Hope it helps!

Let us know when you test your first iRule and a LTM policy in your LAB setup.